Inter-American Corporation for Infrastructure Finance

For inquiries and comments to IIC, contact:
IIC’s Communications Group
E-mail: divulgacionpublica@iadb.org

For project inquiries, including environmental and social questions related to an IIC investment, please contact the client or the IIC using the contact information provided above. In addition, project affected communities have access to the IIC Independent Consultation and Investigation Mechanism.
Tel:+1 (202) 623-3952
Fax: +1 (202) 312-4057
Address: 1300 New York Ave. NW Washington, DC. USA. 20577
E-mail: mecanismo@iadb.org or MICI@iadb.org

Project Number: 
RG1077A-01
Expected Consideration Date by the Board: 
03/12/2001
Date Posted: 
02/05/2001
Company: 
Inter-American Corporation for Infrastructure Finance
Financing Requested: 
Sector: 
Financial Services
Location: 
Scope Objective: 
Project Description: The project involves setting up an institution for funding small and medium-size infrastructure projects (up to US$50 million US$60 million per project) in Latin America and the Caribbean as a way of furthering economic development in the region and enabling additional funding to be channeled from private sources outside the region. In addition to funding projects (either by originating its own operations or participating in projects carried out by any other institution) ICIF may provide financial consultancy services on subjects connected with the infrastructures in question. Forty percent of ICIF's capital shall come from multilateral institutions, and the remaining 60% shall come from private international financial institutions. The project also envisages setting up a fund that shall use its resources for carrying out social projects in the region. ICIF's private shareholders shall use up to 15% of the dividends to which they are entitled to provide the fund with resources. The IIC is considering subscribing up to 20% of ICIF's initial capital at an aggregate cost to the Corporation not to exceed US$10,000,000.
Environmental Review: 
This is a Category III project according to IIC's environmental and labor review procedures which corresponds to projects with moderate specific adverse effects, with well recognized and defined solutions.

The IIC will require that the infrastructure projects financed by ICIF meet all the IIC terms concerning environmental impact and protection and on labor matters. In order to facilitate and make its interpretation consistent with IIC requirements, ICIF shall be required to attend the environmental training seminar the IIC gives to financial intermediaries. This seminar will constitute the basis for recognizing issues that are connected to the environment, occupational health and safety, and labor issues, and the respective IIC policy requirements. The seminar will explain the IIC classification system and how it is applied. ICIF will provide the IIC with an annual environmental report and will draw up plans for corrective measures for the projects financed whenever so required.